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Exchange Traded Fund (ETF). Der Untergang für aktiv verwaltete Anlagefonds?

Exchange Traded Fund (ETF). Der Untergang für aktiv verwaltete Anlagefonds?

          
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About the Book

Masterarbeit aus dem Jahr 2014 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 1,9, Hochschule für Wirtschaft Zürich, Sprache: Deutsch, Abstract: Seit 1989 gibt es sie: Die Exchange Traded Funds (ETFs). Während aktiv verwaltete An-lagefonds versuchen, einen Index zu schlagen, bilden die passiv verwalteten ETFs diesen Index möglichst 1:1 nach. Eugen Fama, ein US-amerikanischer Wissenschafter entwickelte 1970 die Efficient Market Theorie, in welcher er zum Schluss kam, dass es in effizienten Märkten nahezu unmöglich ist, nur mit öffentlich zugänglichen Informationen, Überrenditen zu erzielen. Tatsächlich scheitern aktiv verwaltete Anlagefonds häufig beim Versuch, den Vergleichsindex zu schlagen. Sollte es einzelnen Managern tatsächlich gelingen, bessere Renditen als der Benchmark zu erzielen, sind die Gebühren des Fonds meist zu hoch, um nach Abzug der Management Fee, immer noch vor dem Vergleichsindex zu liegen. Nebst den Vorwürfen, dass Outperformances aktiv verwalteter Anlagefonds nur Glücksache seien, wird den aktiv verwalteten Anlagefonds auch fehlende Performancekonsistenz vorgeworfen. Kaum einem Fonds gelinge es, nachhaltig gute Resultate zu erzielen. Aufgrund der hohen Einnahmequelle sind vor allem die Banken, Vermögensverwalter und die Finanzzeitschriften am Vertrieb der aktiv verwalteten Anlagefonds interessiert. Verständlicherweise wurde in den letzten Jahren der Ruf nach ETFs, meist durch neutralere Medien, immer lauter. Dement-sprechend verzeichnete die ETF-Branche in den letzten Jahren ein starkes Wachstum. Während an der Schweizer Börse SIX Swiss Exchange im Jahre 2006 noch keine 100 ETFs ge-handelt wurden, sind es per Ende 2013 schon über deren 900. Doch werden ETFs irgendwann die aktiv verwalteten Anlagefonds vollständig in den Schatten stellen? Wohl kaum, meint Jürg Wildhaber, Fondsmanager der Falcon Private Bank Ltd., zuversichtlich. Vor allem auf dem Schweizer Aktienmarkt gebe es einige Gründe, aktiv verwaltete Anlagefonds, sowohl im


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Product Details
  • ISBN-13: 9783656882961
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 8 mm
  • Width: 148 mm
  • ISBN-10: 3656882967
  • Publisher Date: 30 Jan 2015
  • Height: 210 mm
  • No of Pages: 132
  • Series Title: German
  • Weight: 181 gr


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